Friday lunch time report:
I've been inactive today, taking just one trade in the SSO etf (long) for a hold time of 20-30 minutes, yielding a .43/share gain. I'm aware of all the reasons "we've put in a bottom", and it might turn out to be the case, but nobody will know until weeks in the future. Of course stocks are "oversold", but that has been the case for 3 straight weeks. The point is to ignore prognostications and instead just trade the action. Bloggers/advisors/newsletter writers do not know where prices are headed any more than I do, it's just that they claim to know. I'd advise traders to keep and eye on a blogger's P+L to see if they use a system that fits their own risk profile. Without that knowledge, any advice is inappropriate. Directional calls are nothing more than entertainment that attracts less confident traders.As I type, I see the SSO (or ES futures) might be offering me another entry (long). I'll keep you posted!Trading accounts equity less than .1% from all time highs set on 10/16/08. (includes open positions)
